China's property market has begun to show signs of a modest rebound, but property developers' skittishness at land auctions shows lingering strains from Beijing's campaign to bring down property prices.
A number of cities, including Shenyang, Dalian, Zhuhai and Tianjin, have seen disappointing land auctions, with many real-estate developers reluctant to add to their land holdings. That is bad news for local governments, which depend on land sales for a large slice of their revenue...............................................Full Article: Source